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the government hit the debt ceiling at the end of december, but treasury secretary tim geithner was able to extend government funding through february 15. republicans want big spending cuts in exchange for raising the borrowing limit. president obama says he will not negotiate with congress paying its own bills. >>> did you see a big difference? the first paycheck of the new year brought surprises and raised eyebrows for at love people all over the country. as pam cook reports in our newsroom, it's not a good surprise, pam. it's expected to have a big impact on the economy. >> reporter: yes, it is. the country did not fall off that fiscal cliff but as a result, some people say it feels like their personal budgets did. the federal compromise means tax breaks for social security and medicare expire. for singles earning $200,000 a year, couples earning $250,000 a year, that translates to about a 2% cut to their take- home pay. one man said he and his wife are losing nearly $300 a month. that's their car payment or groceries for the month. the nonpartisan tax policy center estimates that 77%
, that the consequences of failing to increase the debt seal ceiling are real, but so also are the results of allowing our spending problem go unresolved. president obama said he is open to discussing deficit reductions, but only after congress first pay this bills that the country already owes. >> the federal government takes a larger chunk of paychecks. that's because during the fiscal cliff debate, congress allowed a temporary cut in social security taxes to expire, mean that social security taxes have increase thousand by 2%. economists anticipate the payroll increase tax hike will reduce u.s. house hold incomes by a collective $125 billion this year. >>> a another brutely cold night and into tomorrow morning. it is going to be freezing and below freezing once again. a look here at the pattern. we remain with the trough to the east of us. a ridge of high pressure to the west, but this ridge is slowly nudging east, and eventually, by midweek wednesday and lasting into the weekend, it will be overis, and that is going to bringis warmer weather. so warmer weather on the horizon, it's not going to be here
and dry, maybe just a little bit warmer. >> well the debt ceiling continues. how that could affect california plus a newly released budget. >>> a fellow student appears in court and why prosecutors say he will be tried as an adult. >>> westbound between walnut creek and oakland, we will tell you more about the morning commute and the bay area weather. . >>> good morning, 20s and 30s, frost and freeze should be out. >>> well some pg&e customers in l-spurs should be out after high voltage power lines crashed on to a house. it came crashing down yesterday morning on west baltimore avenue. one person was inside the house but fortunately was not hurt. >>> they are searching for an inmate who escaped from a correctional facility. david allan brown climbed over a fence near lakeport on sunday night. as you can see from his picture he has a very distinct tattoo around his neck. he is a parole violater and has been convicted of resisting arrest. he was supposed to serve his time but was stone a jail to reduce inmate population. >>> they are looking to the toughest gun laws legislation. they
that time is running short to raise the nation's debt ceiling and that failing to act would be irresponsible. he made the comments this morning during the last press conference of his first term. the president said he wants to make it clear that raising the debt ceiling will not raise -- he warned that if congressional republicans fail to approve legislation to pay america's bills on time, everything from social security checks to veterans benefits could be delayed. >> last time they flirted with this delay our aaa credit rating was downgraded. our business have created the fewest jobs of any month in the past three years. and ironically the whole fiasco actually haded to the deaf -- actually added to the deficit. >> reporter: president obama is reviewing a list of proposals from joe biden about how to reduce gun violence. the two met earlier today to go over the vice president's recommendations over how to tighten tougher gun laws. among the proposals under consideration are a ban on assault weapons and high capacity ammunition clips. here in the bay area gun buy back is scheduled for tomor
if congress doesn't raise the debt ceiling. president obama says he will not negotiate this issue with congress but republicans want any increase in the debt ceiling to be tied to spending cuts. >>> the issue here is whether or not america pays its bills. we are not a deadbeat nation. and so -- there is a very simple solution to this. >> now, in a statement, john boehner indicated the republican party is prepared for a fight. he said "the consequences of failing to increase the debt ceiling are rule but so are the consequences of allowing our spending problem to go unresolved." >>> state lawmakers in sacramento are closely watching this debate in washington. the concern is that if congress doesn't act on the debt ceiling, the national economy could dip and that would likely have a negative effect on california's budget numbers. push >> the biggest risk to our forecast or the analysts' forecasts could come next month and that's from washington, d.c. >> the 2013 budget release by governor brown showed a surplus for the first time in many years and that was thanks to new tax revenue
Search Results 0 to 4 of about 5